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Stock options | 12 Months Ended
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Dec. 31, 2022
Stock options |
Stock options | 4. Stock Options The Compensation Committee of the Board of Directors administers the Company’s stock option plan. The Compensation Committee designates eligible participants to be included under the plan and approves the number of options to be granted from time to time under the plan. On June 24, 2010, at the Company’s annual meeting, shareholders approved an amendment to the Company’s Stock Option Plan (the “Plan Maximum Amendment”). The Plan Maximum Amendment relates to changing the maximum number of common shares issuable under the stock option plan from a fixed number of 6.7 million to the number of shares that represents twenty-five percent (25%) of the total number of all issued and outstanding common shares. Based upon the current shares outstanding, a maximum of 6.6 million of our common shares are authorized for issuance under the plan. The option exercise price for all options issued under the plan is based on the fair value of the underlying shares on the date of grant. All options vest within three years or less and are exercisable for a period of ten years from the date of grant. The stock option plan, as amended, allows the issuance of Canadian and U.S. dollar grants. A summary of the stock option transactions, U.S. dollar grants, for the years ended December 31, 2022 and 2021 is below. There are no outstanding $CAD denominated options.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Summary of $USD Option Activity ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Options |  | ​ | ​ |  | ​ | Weighted
​ | ​ | (in thousands) | ​ | ​ | Range | ​ | ​ | Average
Outstanding and exercisable at December 31, 2020 | ​ | 2,952 | ​ | $ | 0.45 – 12.59 | ​ | $ | 4.82
Granted | ​ | 1,412 | ​ | ​ | 4.08 – 7.53 | ​ | ​ | 5.93
Exercised | ​ | (11) | ​ | ​ | 1.05 – 5.10 | ​ | ​ | 3.15
Forfeited | ​ | (94) | ​ | ​ | 7.40 – 8.09 | ​ | ​ | 7.79
Outstanding and exercisable at December 31, 2021 |  | 4,259 | ​ | $ | 0.45 – 12.59 | ​ | $ | 5.13
Granted |  | 1,015 | ​ |  | 5.59 - 8.10 | ​ |  | 6.50
Exercised |  | (273) | ​ |  | 0.45 - 8.38 | ​ |  | 3.29
Forfeited | ​ | (462) | ​ | ​ | 5.59 - 8.10 | ​ | ​ | 6.79
Outstanding and exercisable at December 31, 2022 |  | 4,539 | ​ | $ | 0.45 – 12.59 | ​ | $ | 5.43
​ Summary of $USD Option Remaining Life
​ | ​ | ​ | ​ | ​ | ​
​ | Number Outstanding and Exercisable at | ​ | Weighted Average Strike Price | ​ | Weighted Average
​ | December 31, 2022 | ​ | December 31, 2022 | ​ | Remaining Life
​ | (in thousands) |  | US Dollars |  | (years)
​ | ​ | ​ | ​ | ​ | ​
​ | 4,539 |  | $5.43 |  | 6.67
​ | ​ | ​ | ​ | ​ | ​
​ Stock compensation expense for the fiscal years ended December 31, 2022 and 2021 was $4.2 million and $4.0 million, respectively. These amounts have been included in general and administrative expenses for the respective periods. The weighted average fair value per share of options granted and or vested during the fiscal years ended December 31, 2022 and 2021 was $5.43 and $5.93, respectively. The intrinsic value (being the difference between the share price at December 31, 2022 and exercise price) of stock options exercisable at December 31, 2022 was $15.63 million. The intrinsic value of options exercised during the fiscal year ended December 31, 2022 was $1.81 million. ​ The fair value of all options vested during the fiscal year ended December 31, 2022 was $3.8 million. The fair values of options granted in fiscal years ended December 31, 2022 and 2021 were estimated on the date the options were granted based on the Black-Scholes option-pricing model, using the following weighted average assumptions for all options with a ten-year expiration: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31, 2022 |  | Year Ended December 31, 2021 |
Expected dividend | ​ | 0 | % | 0 | %
Risk-free interest rate |  | 1.18 - 3.96 | % | 1.41 - 1.62 | %
Expected volatility |  | 71 | % | 122 | %
Expected life |  | 5 - 6 years |  | 10 years | ​
​ The Company uses the historical volatility and adjusts for available relevant market information pertaining to the Company’s share price. Restricted Share Units Activity ​ The Plan allows for the issuance of restricted share units (“RSUs”). The following is a summary of RSU activity for the years ended December 31, 2022 and 2021. All granted RSUs are denominated in U.S. dollars. Prior to June 2021, there was no activity involving RSUs. Of the 219 RSUs awarded, 86 were forfeited in fiscal year 2022 and 98 were released from restriction. The Company recognized $0.3 million in RSU expense for the year ended December 31, 2022 and $0.1 million for the same period in 2021. Standard vesting of RSUs is over three years with 1/3 vesting on the first anniversary date of the grant and then 1/24 on the last day of each subsequent month. There were 26 RSUs awarded to employees with standard vesting released from restriction in 2022. The Compensation Committee may also award RSUs with alternative vesting. There were 34 RSUs awarded to various contractors which were released from restriction in 2022 on the one year anniversary of the award. There were 38 RSUs awarded to our CFO which conditionally released from restriction upon FDA approval of PEDMARK® in 2022. The Company recognized all of the expense associated with this release upon FDA approval of PEDMARK®. ​
​ | ​ | ​
​ | ​ | Number of Restricted
US Denominated RSU's | ​ | Share Units (thousands)
Outstanding at December 31, 2020 |  | —
Granted |  | 219
Outstanding at December 31, 2021 | ​ | 219
Granted | ​ | —
Forfeited | ​ | (86)
Released | ​ | (98)
Outstanding at December 31, 2022 | ​ | 35
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